LVS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
LVS
Largest movements
- Tangible fixed assets +€107,273
up €107,273 (+13.7%), from €781,245 to €888,518
of which Land and buildings: +€115,246
- Cash +€86,495
up €86,495 (+3111.5%), from €2,780 to €89,275
mainly Debts after one year (+€263,524) and Other debts (+€114,128)
- Stocks and contracts -€10,355
down €10,355 (-26.7%), from €38,788 to €28,433
- Debts after one year +€263,524
up €263,524 (+32.2%), from €817,920 to €1.1m
of which Financial debts: +€263,524
- Profit (loss) carried forward -€140,335
down €140,335 (-2.8%), from -€5.0m to -€5.1m
- Current portion of long-term debt -€138,421
no longer reported in 2025 (was €138,421)
- Other debts +€114,128
up €114,128 (+17077.1%), from €668 to €114,796
- Trade debts +€89,694
up €89,694 (+475.3%), from €18,871 to €108,564
- Gross operating margin -€38,547
down €38,547 (-179.9%), from -€21,429 to -€59,976
- Depreciation +€5,661
up €5,661 (+11.2%), from €50,590 to €56,251
- Financial charges +€3,132
up €3,132 (+20.7%), from €15,118 to €18,250
- Other operating charges +€2,208
up €2,208 (+39.6%), from €5,575 to €7,783
- Write-downs -€1,925
new in 2025: -€1,925
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €829,306 | €1,013,816 | +€184,510 | +22.2% |
| Fixed assets | 21/28 | €781,990 | €889,263 | +€107,273 | +13.7% |
| Tangible fixed assets | 22/27 | €781,245 | €888,518 | +€107,273 | +13.7% |
| Land and buildings | 22 | €735,242 | €850,488 | +€115,246 | +15.7% |
| Plant, machinery and equipment | 23 | €45,103 | €37,431 | -€7,672 | -17.0% |
| Furniture and vehicles | 24 | €900 | €600 | -€300 | -33.3% |
| Financial fixed assets | 28 | €745 | €745 | = | 0.0% |
| Current assets | 29/58 | €47,317 | €124,553 | +€77,236 | +163.2% |
| Stocks and contracts in progress | 3 | €38,788 | €28,433 | -€10,355 | -26.7% |
| Stocks | 30/36 | €38,788 | €28,433 | -€10,355 | -26.7% |
| Amounts receivable within one year | 40/41 | €5,680 | €6,050 | +€370 | +6.5% |
| Trade receivables | 40 | €1,322 | - | -€1,322 | |
| Other amounts receivable | 41 | €4,358 | €6,050 | +€1,692 | +38.8% |
| Cash at bank and in hand | 54/58 | €2,780 | €89,275 | +€86,495 | +3111.5% |
| Deferred charges and accrued income | 490/1 | €69 | €795 | +€726 | +1054.6% |
| Total equity and liabilities | 10/49 | €829,306 | €1,013,816 | +€184,510 | +22.2% |
| Equity | 10/15 | -€150,667 | -€291,002 | -€140,335 | -93.1% |
| Contributions | 10/11 | €4,824,000 | €4,824,000 | = | 0.0% |
| Capital | 10 | €4,824,000 | €4,824,000 | = | 0.0% |
| Issued capital | 100 | €4,824,000 | €4,824,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,974,667 | -€5,115,002 | -€140,335 | -2.8% |
| Amounts payable | 17/49 | €979,973 | €1,304,818 | +€324,845 | +33.1% |
| Amounts payable after more than one year | 17 | €817,920 | €1,081,444 | +€263,524 | +32.2% |
| Financial debts | 170/4 | €188,920 | €452,444 | +€263,524 | +139.5% |
| Other amounts payable | 178/9 | €629,000 | €629,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €162,053 | €223,369 | +€61,316 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €138,421 | - | -€138,421 | |
| Trade debts | 44 | €18,871 | €108,564 | +€89,694 | +475.3% |
| Suppliers | 440/4 | €18,871 | €108,564 | +€89,694 | +475.3% |
| Taxes, remuneration and social security | 45 | €4,093 | €9 | -€4,084 | -99.8% |
| Taxes | 450/3 | €4,093 | €9 | -€4,084 | -99.8% |
| Other amounts payable | 47/48 | €668 | €114,796 | +€114,128 | +17077.1% |
| Accrued charges and deferred income | 492/3 | - | €4 | +€4 | |
| Remuneration, social security and pensions | 62 | €456 | - | -€456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,590 | €56,251 | +€5,661 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,925 | -€1,925 | |
| Other operating charges | 640/8 | €5,575 | €7,783 | +€2,208 | +39.6% |
| Gross operating margin | 9900 | -€21,429 | -€59,976 | -€38,547 | -179.9% |
| Operating profit (loss) | 9901 | -€78,050 | -€122,085 | -€44,035 | -56.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100.0% |
| Financial charges | 65/66B | €15,118 | €18,250 | +€3,132 | +20.7% |
| Recurring financial charges | 65 | €15,118 | €18,250 | +€3,132 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | -€93,167 | -€140,335 | -€47,168 | -50.6% |
| Profit (loss) for the period | 9904 | -€93,167 | -€140,335 | -€47,168 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,167 | -€140,335 | -€47,168 | -50.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.